Floriculture Industry 2019
Floriculture refers to plant care, farming, propagation, and cultivation with one objective in mind, the ultimate production of flower buds and flowers. Planters who focus on floriculture also normally experiment with developing new cultivars, strains, and varieties to improve flower and flower-bud development.
Floriculture comprises all domains of healthy growing, growth patterns, and harvesting of a flowering plant. Planters usually centre their objectives around the plant’s health, growth size, branching, bud formation, harvest, flowering, the plant’s unique desirable characteristics, and its overall bud and flower yield at the time of harvest.
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The global floriculture market was valued at US$2.27 billion in the year 2017 and is foreseen to reach US$4.0 billion by the end of 2026, at a CAGR of about 7.34% during the forecast span.
The report further elaborates that cut flowers are projected to have a substantial market share during the forecast period. The cut flowers are highly popular among customers due to its delightful fragrance and beauty. Moreover, it has characteristics such as easy to harvest and handle and also it is highly resistant to pests and diseases.
Gift segment is anticipated to dominate the market growth during the forecast period. Floriculture products are most likely to be used for gifting on special occasions and events, which is boosting the market growth.
Growing e-Commerce industry across the world is stimulating the growth of this market. Surging penetration of smartphones and the internet is also driving the floriculture market. In addition to this, improving innovations in flowers such as changing colours of flowers utilizing biotechnology are anticipated to fuel the market growth. Lifestyle modification of consumers across the globe is foreseen to support market growth.
Growing utilization of floriculture products for various occasions is propelling market growth. Increasing investments in research and development are also expected to benefit the market during the forecast period.
The regional markets of Asia Pacific are expected to have the highest share in the market during the forecast period owing to increasing demand for flowers from customers and growth in production of flowers in emerging countries such as India and China. India is predicted to dominate the market growth during the forecast period. Flowers are the primary commercial trade in this country. Shifting consumer preferences from traditional flowers to cut flowers is also driving the market growth in this region.
Europe is estimated to produce the highest CAGR during the forecast span as a result of rising flower production in this region.
As per the research conducted by the Maximize Market, the global floriculture market can be analysed on the basis of product type, application areas, and regions.
Based on the product type, the floriculture market can be divided into-
- Potted Plants
- Bedding Plants
- Cut Flowers
Based on application, the floriculture market can be segmented into-
- Personal Use
- Conference & Activities
The major regions that drive the growth of floriculture market include-
- North America
- Asia Pacific
- South America
- The Middle East and Africa
The adoption of modern technologies and more detailed management in commercial floriculture has supported to gain higher crop yield. The usage of modern farming practices has also led to improved profitability for farmers engaged in floriculture. According to experts, the profit of floriculture stocks per unit area is higher over other agriculture products. This is attracting planters to switch to floriculture. Also, the growing popularity of Ayurveda and other natural therapies is stoking the demand for floriculture products. Flowers such as jasmine, rose, and tuberose is used in the production of essential oils and other Ayurvedic and organic formulations.
All these facts suggest that the global floriculture market is set to witness tremendous growth over the forecast period.
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